Goldman Sachs(US:GS) Ge Long Hui A P P·2025-12-22 01:05Core Viewpoint - Goldman Sachs predicts that the global stock market will yield positive returns by 2026, although the forecasted index return rate will be lower than in 2025 [1] Group 1: Market Predictions - The expected stock market return rate in USD is 13%, with a total return including dividends of 15%, primarily driven by profit growth rather than valuation increases [1] - Goldman Sachs anticipates that the Federal Reserve will lower interest rates by 25 basis points in March and June of next year [1] Group 2: Comparative Market Performance - The U.S. stock market has underperformed compared to other markets for the first time in 15 years, with higher returns coming from Europe, Asia, and emerging markets [1] - This trend of U.S. stock market underperformance is expected to continue, with a slight lag anticipated again in 2026 [1] Group 3: Sector Insights - There is a noted shift in technology capital expenditure towards "old economy" sectors, which is expected to boost growth prospects in infrastructure-related industries [1] - Goldman Sachs has raised its 12-month forecast for the European STOXX index from 595 points to 615 points [1]